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Technology Stocks : IBM
IBM 306.44-1.9%Nov 7 9:30 AM EST

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To: Kirk © who wrote (7989)1/22/2004 10:25:24 AM
From: Elroy   of 8218
 
Does IBM have any unprofitable divisions which you value at zero?

In Dec 2003 IBM's operating margins by division were

Services (44% revenues, 9.3% margins)
Hardware (35%, ?? -I didn't write it down, unfortunately)
Software (17%, 31%)
Financing (3%, 27%)

So I think the answer to your question is "no".

As for your other comments that's an anlysis of HPQ's business strategy, which is different from the basic price to sales valuation (which is just math and needs no opinionated input from us).

Elroy
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